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Equity Issuance/Consideration of Issue of C Shares
RNS Number : 2314W
Polar Capital Global Financials Tst
22 April 2021
 

Polar Capital Global Financials Trust plc

 

Legal Entity Identifier: 549300G5SWN8EP2P4U41

22 April 2021

 

Update on Equity Issuance / Consideration of Issue of C Shares

 

The Board of Polar Capital Global Financials Trust plc ("the Company") notes the continued strong interest in the financials sector and consequent demand for the Company's shares.  Since 30 November 2020, the Company has re-issued 45,199,900 Ordinary Shares from Treasury, across a large number of transactions, raising some £69.5 million. The Company's issued share capital, excluding the remaining shares held in Treasury, currently stands at 168,250,000 Ordinary Shares.

 

The Company currently holds 34,525,000 Ordinary Shares in Treasury. Subsequent to the Company's General Meeting held on 1 February 2021 and its recent Annual General Meeting, the Company has shareholder authority to issue on a non pre-emptive basis all of the Ordinary Shares held in Treasury, and a further 16,195,000 new Ordinary Shares, representing 20.5 per cent. and 9.6 per cent. respectively of its issued share capital.

 

The Board understands that certain investors continue to welcome opportunities for investment which may be material in the context of these remaining authorities. It is therefore considering the issue of a Prospectus, which, subject to shareholder approvals, would enable an initial issue of C Shares as well as further issues of C Shares and / or Ordinary Shares under a placing programme.

 

An initial C Share issue may be in the form of a Placing, Open Offer and an Offer to Intermediaries. The proceeds of a C Share issue would be segregated from the existing portfolio until conversion which would follow the record date of the next dividend, due to be paid to holders of Ordinary Shares in August. 

 

The C Shares would be converted into Ordinary Shares by reference to a conversion ratio which is based on their respective net asset value per share at an agreed date.

 

A further announcement will be made as appropriate.

 

Contact details for queries:

 

Polar Capital Global Financials Trust Plc

 

 

Chairman:

Robert Kyprianou

 

Company Secretary:

Tracey Lago, FCG

 

Tel: 020 7227 2700

 

Polar Capital LLP

 

 

Sales:

John (Reg) Regnier-Wilson

 

Co-Investment Manager:

Nick Brind

 

Tel: 020 7227 2700

Stifel Nicolaus Europe Limited

 

 

Corporate:

Mark Bloomfield

Jonathan Wilkes-Green

 

Sales:

Phil Hopkins

Jonathan Crabtree

Hugh Middleton

 

Tel: 020 7710 7600 

 

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